Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Now listed. Managed to get them at 40
Just phoned them and won’t take phone trades and can’t add to my mxo pile either. Said it should be available on line in around 15-20 minutes
But gives an idea on how it works. Before Facebook's IPO, the book building process was used to determine how much the stock was worth before it was sold to the public. Morgan Stanley was the lead investor for Facebook's IPO. Initially, the stock was thought to be determined between $28 and $35 a share. The week before the stock was sold, the demand for the stock was sufficient to increase the price between $34 to $38 a share.
All bookbuilding is conducted "off-market" and most stock exchanges have rules that require that on-market trading be halted during the bookbuilding process. The key differences between acquiring shares via a bookbuild (conducted off-market) and trading (conducted on-market) are: bids into the book are confidential vs. transparent bid and ask prices on a stock exchange; bidding is by invitation only (only high-net-worth clients of the bookrunner and any co-managers may bid); the bookrunner and the issuer determine the price of the shares to be issued and the allocations of shares between bidders in their absolute discretion; all shares are issued or transferred at the same price whereas on-market acquisitions provide for multiple trading prices. The bookrunner collects bids from investors at various prices, between the floor price and the cap price. Bids can be revised by the bidder before the book closes. The process aims at tapping both wholesale and retail investors. The final issue price is not determined until the end of the process when the book has closed. After the close of the book building period, the bookrunner evaluates the collected bids on the basis of certain evaluation criteria and sets the final issue price. If demand is high enough, the book can be oversubscribed. In these cases the greenshoe option is triggered.
Block Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to announce that well 16aZ ('the well' or '16aZ') at its West Rustavi field ('West Rustavi') continues to produce, as the limits of crude oil storage allow, at rates consistent with the average test flow rate of 1,100 bbl/d ('barrels per day') announced on 1 April 2019 (RNS: https://bit.ly/2YOpggq). The rate of 1,100 bbl/d produced through an 1/4 inch choke significantly exceeded the Company's target rate of 325 bbl/d, triggering an immediate requirement to upgrade production infrastructure. While the Company addresses production capacity and offtake requirements, the diameter of the choke has been reduced as of 13 April 2019 from 1/4 inches (~6 millimetres) to 1/8 inch (at just over 3 millimetres, the smallest size possible), scaling back production from 1,100 bbl/d to a rate of around 700 bbl/d. The analysis of bottom hole pressures measured during the production flow test and subsequent build-up shows that both the formation matrix and natural fractures are contributing to the well's production. The well's productivity index is measured as 8 bbl/d/psi. Subject to contract, Block has now negotiated terms on additional storage facilities, and is also negotiating new oil sales contracts with local and international purchasers, which are showing strong interest in supporting Block's future development plans. The Company also confirms that associated gas production from the well will be sold to Bago Ltd, one of the largest private gas suppliers and purchasers in Georgia. Block signed a Memorandum of Understanding ('MOU') last year for the offtake of West Rustavi's gas (RNS: https://bit.ly/2Y4Pj2n). Under the terms of the MOU, Bago will acquire the total amount of gas produced from West Rustavi, subject to a minimum of 1,000 m3 of gas per day, and will fully finance all gas infrastructure the field requires, including pipeline tie backs to local infrastructure and gas processing plant solutions.
In December last year Block signed Heads of Terms for an agreement giving the Company exclusive access to the tool throughout eastern Europe, the Caucasus and central Asia, opening a new stream of potential revenue for the Company. Does the above mean we could charge to help others use this tool in the area and throughout Europe ?